Bond Lifecycle Overview

Every bond follows the same journey from launch to settlement. Here's what happens at each stage.

┌─────────────┐    ┌─────────────┐    ┌─────────────┐    ┌─────────────┐
│   SERIES    │    │   BUYING    │    │   DURING    │    │  MATURITY   │
│   LAUNCH    │ ─► │  A BOND     │ ─► │  THE TENOR  │ ─► │ & SETTLEMENT│
├─────────────┤    ├─────────────┤    ├─────────────┤    ├─────────────┤
│ Terms       │    │ You invest  │    │ Hold, trade │    │ Claim Note  │
│ published   │    │ BTC or USDT │    │ or exercise │    │ principal   │
│             │    │             │    │             │    │             │
│ Sale opens  │    │ Receive     │    │ Warrants    │    │ Exercise or │
│             │    │ Note +      │    │ can be      │    │ sell        │
│             │    │ Warrant     │    │ exercised   │    │ Warrants    │
└─────────────┘    └─────────────┘    └─────────────┘    └─────────────┘

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1. Series Launch

Before you can buy a bond, the protocol launches a new series with fixed terms.

What Gets Published

Every series has immutable terms set at launch:

Term	Description
Series name	Identifier (e.g., "BTC Bond Series A")
Bond type	BTC or USD
Face value	Amount per bond
Maturity date	When Notes can be redeemed
Warrant strike price	30-70% above current $MSTR price
Series cap	Maximum amount to be raised

Once published, these terms cannot change.

For USD Bond Series

The protocol also:

1. Assesses the Insurance Pool capacity and lock durations

2. Determines appropriate sale size and maturity

3. Reserves pre-minted $MSTR for potential staker compensation

When Can You Buy?

After terms are published, the sale opens for a defined window. You can subscribe anytime during this window until the cap is reached or the window closes.